17th Nov 2020 09:07
(Alliance News) - Ninety One PLC and Ninety One Ltd on Tuesday reported solid performance in the first half of its current financial year despite challenging operating conditions.
The Anglo-South African asset management business - which was demerged from Investec in March - said assets under management increased 15% year-on-year to GBP119.0 billion as at September 30, supported by positive market movements.
The market and foreign exchange impact in the first half added GBP15.9 billion versus GBP6.2 billion the year before.
Ninety One said net revenue decreased 1% to GBP297.3 million, but pretax profit increased 3% to GBP94.8 million.
The company declared an interim dividend of 5.9 pence per share.
"In the face of challenging operating conditions, the people of Ninety One remained focused on what really matters: serving and supporting our clients in these unprecedented times," said Chief Executive & Founder Hendrik du Toit.
He added: "We believe in the considerable long-term opportunity for Ninety One to grow organically. Our strategy is clear and our focus remains on execution."
Ninety One shares were trading 0.7% higher in London on Tuesday at 232.20 pence each, while in Johannesburg, the stock was up 2.0% to ZAR47.20 a share.
By Evelina Grecenko; [email protected]
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